Why So Many People Got This Year's Economy Wrong
Odd Lots
Discrepancy between hard and soft data
Soft sentiment indicators driven by political party lines do not influence the recession call. However, it's crucial to consider people's lived experience, as their behavior is tied to their perception of the world. High price levels due to inflation distort the economy, making it difficult for people to plan for the future. Financial shocks have led to a concentration of asset gains in baby boomers, while millennials and generation X have seen their debt load rise. This has created a distributional aspect where older generations have greater financial stability than the younger ones. One potential solution proposed is for the baby boomers to transfer their wealth to the younger generation to alleviate the debt burden.
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